This week, notable events are over. Next week's review is scheduled to be published on Monday.
XAU/USD short-term forecast
A move below the 1,810.00 mark might look for support in the 1,800.00 mark, before reaching the May 16 low level at 1,786.97. Further below, note the lower trend line of the channel down pattern, which has guided the price since April 18.
However, a recovery of the commodity price would have to pass the 1,820.0 level and the 100-hour simple moving average, before testing the resistance of the 1,830.00 mark and the Tuesday's high at 1.835.00.
XAU/USD daily charts review
On the daily candle chart, note the historical low level zones above 1,750.00, near 1,720.00 and the coronavirus low level at 1,675.00.Meanwhile, a potential recovery might encounter resistance in the 1,850.00 mark and the 200-day simple moving average, prior to reaching back up to the resistance zone, which surrounds the 1,900.00 level.
Daily Candle Chart
Traders set up pending sell orders
Since Friday, the sentiment on the Swiss Foreign Exchange was 63% bullish. Namely, 63% of open position volume was in long positions.
Meanwhile, on Wednesday, in the 1000-pip range around the metal's price, pending trade orders were 75% to sell the precious metal.